This paper examines homeownership and housing demand for a sample of approximately 6,800 urban, industrial workers in the United States for the period 1889/90. Using data from the Sixth and Seventh Annual Reports of the U.S. Commissioner of Labor, housing demand is viewed as a two part process:...

Most studies evaluating the effect on housing prices of regulatory programs for controlling urban growth use econometric methods (hedonic price models) without considering the research-design aspects of the task. This article examines the strengths and ...

Three measures of the value of time - willingness to pay (WTP) for a reduction in travel time, willingness to accept (WTA) a monetary compensation to forgo it, and the wage rate - are evaluated and compared. WTP and WTA were estimated from the two-part regressions of time price, using contingent...

Several authors have attributed the heteroskedasticity observed in repeat sales house price equations to the length of time between sales. Recently, Goodman and Thibodeau (1995) developed a theoretical model that relates heteroskedasticity in hedonic house price equations to dwelling age. Using...

Michael Grossman’s health investment model provides significant insights into allocations between both leisure and income and health and nonhealth goods. Our geometric extension (i) integrates labor–leisure choice with the consumer’s production of both health and nonhealth goods and (ii)...

One of the principal types of wealth accumulation in the United States has been real property, especially in the form of homes as the society became more urban and less agricultural. At present, almost two-thirds of all American households reside in owner-occupied structures. The present paper...